PDP discusses why Atiku Abubakar wants to sell oil refineries. 

Atiku talked about selling all of Nigeria’s refineries and using the proceeds to support the youths of the nation at the PDP’s presidential campaign in Lagos.

By Omotayo Olutekunbi

The Peoples Democratic Party’s (PDP) nominee for president, Atiku Abubakar, has given an explanation of why he wants to sell Nigeria’s refineries.

Atiku promised yesterday in Lagos, during the PDP’s presidential campaign, to sell all of Nigeria’s refineries and use the proceeds to support the young of the nation.

Kola Ologbondiyan, a representative of the PDP’s Presidential Campaign Council, asserts that Atiku made the decision to sell Nigeria’s refineries because the money would be used to fund beneficial initiatives in the nation.

Ologbondiyan bemoaned the Nigerian government’s wasteful spending on the rebuilding of the nation’s oil refineries.

On Tuesday’s Arise TV Morning Show, he announced the news.

According to Ologbondiyan, Atiku has suggested selling underperforming businesses and refineries in order to reinvest the proceeds in profitable operations.

“Atiku is saying let us generate funds from the sales of refineries and put it into the economy; I believe that policy is good.”

Four refineries in Nigeria, two in the oil-rich Niger delta area at Warri and Port Harcourt, and one in the north at Kaduna, have a combined daily capacity of 445,000 barrels (bpd). Two factories make up the Port Harcourt complex, which has a 210,000 bpd capacity overall.

Aliko Dangote is the owner of the Dangote Refinery, which is being built in Lekki, Nigeria. When finished, it will be the biggest single-train refinery in the world, able to process around 650,000 barrels of crude oil per day. More than 25 billion US dollars have been invested.